Advisers should inform their clients about the Social Security “mulligan,” which is the ability to change their mind about receiving benefits. This comes with two big caveats, however: the window of opportunity is only open for the first 12 months after they initially file for benefits, and they must pay back all the money they’ve received up to that point.

Social Security Administration Form 521, or the so-called Request for Withdrawal of Application, allows people to withdraw their Social Security claims and re-apply at a future date. However, those who change their minds 12 months or more after they became entitled to retirement benefits can’t withdraw their application.

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